Connect with us

Altcoins

Is It Possible To Earn XRP Through Ripple Mining?

Published

on

Ripple mining

Thanks to the constant rise in popularity of cryptocurrencies, many new individual investors have decided to join the growing crypto space. After recent Ripple price surge, numerous new investors have developed an interest in this coin. Because of this, they started to explore it in order to find ways of earning XRP coins. As a result, many started to wonder how Ripple mining can be achieved, and what kind of mining rig do they need. This is what we will be addressing today.

Ripple mining is not possible

Yes, that is correct. Whether you’ve heard it on a forum, or if someone familiar with this coin has told you — the fact remains. Ripple is simply not mineable.

In fact, this is one of the biggest differences between Ripple and other digital currencies such as Bitcoin, Ethereum, TRON, and alike. The obvious question now is — why?

Well, there are several reasons why you can’t mine Ripple. The first one is the fact that ripple is controlled by a company. This is the same company that has created it, Ripple Labs. While the company denies having any great control over the currency, the fact is that they are the only ones who can create new XRP coins.

So far, the company has produced around 100 billion XRP, although only a part of it (39.8 billion) has been released into circulation. While most other coins also have a total supply, cryptos like Bitcoin can be mined until that total supply is released into circulation. In other words, the circulating supply of Bitcoin is constantly growing with each new block that gets ‘solved’. On the other hand, Ripple has its circulating supply fixed, and this will remain so until the company decides to release more coins.

How to gain XRP if not through Ripple mining?

There is only one way to get to XRP coins through mining, and that is to mine other cryptos. After doing so, you can either exchange them for Bitcoin and then buy XRP, or you can buy XRP directly if there is a trading pair for the currency you have mined.

In other words, the only way to get to XRP is to trade some other coin for it. If you ever run across a method that explains that you can, in fact, mine Ripple — it is likely a trick or a scam.

Ripple is a cryptocurrency for banks

It is widely known that banks and other financial institutions are not especially supportive of cryptocurrencies. And yet, numerous reports from all sides of the world claim that banks are opening up to Ripple, and are choosing it as their preferred coin.

This is not fake news, and Ripple is indeed targeted by many banks. The reason behind this is the fact that Ripple has created some very useful and much-needed products. These products, like xCurrent or xRapid, are used to improve the speed of financial transactions.

The technology that banks have been using up to this point is already getting old and is often not capable of meeting higher and higher demands. This is why the banks recognized the need to improve their tech. And, since Ripple is much more stable than most other coins due to the fact that there is a reputable company behind it, financial institutions decided to give it a chance.

In fact, the recent price surge is a direct consequence of this decision, as many believe that banks are finally getting ready to actually implement Ripple’s products. This would provide a coin with a unique use case that would make it essential for the future of transaction-making.

As for Ripple mining, it remains impossible. Because of this, everyone looking to get their hands on XRP tokens can either buy them or trade another coin for them.

For the global insights every crypto trader must have, apply for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

Continue Reading

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

Continue Reading

Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

Published

on

Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

Continue Reading

Press Release